In a press release, The Horizons Marijuana Life Sciences Index ETF (HMMJ), which offers direct exposure to North American-listed companies with business activities in the marijuana industry, said its total assets under management have grown to more than $1 billion Canadian dollars — $760 million U.S. dollars at the current exchange rate. The ETF’s shares have surged 43% in the past month, according to CNBC, and 124% since it debuted on the Toronto Stock Exchange in April 2017 as investor enthusiasm for its top holdings continues to soar.
Pot stocks have rallied in anticipation of Canada’s upcoming recreational marijuana legalization and speculation that more liquor producers are keen to partner up with the industry after Corona beer maker Constellation Brands Inc. (STZ) announced a $4 billion investment in marijuana company Canopy Growth Corp. (CGC). Canopy, HMMJ’s largest holding according to S&P Capital IQ, has seen its stock price more than double since the deal was announced. Its other holdings include Aurora Cannabis Inc. (ACB), Aphria Inc. (APH), GW Pharmaceuticals Plc. (GWPH) and Cronos Group Inc. (CRON).